Share Buy Back News JB Hifi (JBH)

JB Hifi (JBH) stores offer the world’s leading brands of hi-fi, speakers, televisions, DVDs, cameras, car sound, home theatre, computers and portable audio and specialist hi-fi products.

JBH is Australasia’s fastest growing and largest retailer of home entertainment, and boasts one of the best low-cost business models in the retail sector.

On 29 March, JBH announced a $170 million share off-market share buy back, representing up to 10% of its share issue.

The share buy back will be funded through JBH’s senior debt facility.  In addition, JBH announced a restructuring charge related to its Clive Anthony’s business.

Following a $24.8 million write-down, JBH expects FY10 net profit to be between $108.5 million and $113.5 million.

This compares to previous guidance of a net profit between $134 million - $139 million.

JBH was one of the market’s hot shares on the day of the announcement, shooting up over 7%.

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